In 2021 I inadvertently contributed more than the allowable amount to my SEP IRA. I have no self employment income for 2022, so I could not recharacterize the overage to be a 2022 contribution. After several frustrating calls to my brokerage in early 2022, the excess contribution and gains were removed from the SEP. This was done prior to my filing deadline, but after my taxes for 2021 were filed. Due to a huge delay I just received my official Form 5498. It reflects Box 1 shows the amount of the excess contribution. Box 8 shows the maximum amount that I was able to contribute based on my income.
Quicken would only let me report the maximum allowable amount for the SEP contribution (the same as is reflected in Box 8), so that's how my taxes were submitted. How do I report all this to the IRS? On the 1040 I filed, it appears as if I contributed the maximum amount to my SEP and that's it. How/when do I account for the gains that were distributed? Do I need to do anything with the amount that appears in Box 1, the overage that was contributed but removed prior to my filing deadline?
Thanks!
I just received the 5498 and it shows the amount
